智通财经APP获悉，高盛发布研报称，阿里健康(00241)3月底止2026财年下半年业绩好坏参半。该行维持对其“中性”评级，将其12个月目标价由4.8港元下调至4.2港元，基于28倍预测2027至2028财年平均市盈率。认为收入增长主要由药物(特别是处方药及创新产品)带动，但激烈的竞争将导致其增长速度较京东健康(06618)为慢，预期阿里健康明年3月底止2027财年收入同比增长13%，而京东健康2026年收入增长预计达18%。
该行指出，阿里健康利润率面临压力，原因是收入组合导致毛利率波动，加上持续对医疗人工智能及药物生态系统(如仓储、冷链配送、上游营销等)进行增量投资。此外，医疗人工智能应用(氢离子)及为企业提供基于药品数字化追踪数据的创新解决方案等新兴机会仍处于早期阶段，财务贡献尚待验证。
鉴于第三方平台业务增长逊预期，以及收入组合导致的毛利率波动与对人工智能及创新药物的增量投资，高盛下调阿里健康2027至2028财年收入预测2%，并下调同期经调整纯利预测18%，同时引入2029财年预测。
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